Greetings. Um, I'm Sam Jen, uh, the founder of Fluid and, uh uh, the founder of Fluid and, uh , yeah, I mean, uh, Fluid , yeah, I mean, uh, Fluid is the D5 protocol. Uh, we, uh , yes, it's nice to meet you all. So, yeah, uh, how we started: uh, we started back in 2018, uh started back in 2018, uh , with a hackathon, uh, that was organized by ETH Global. We were Instab back then, and the total, when we started, the total D5 TVL was less than 100 million, uh.
So yeah, I mean, we were in the industry before D5 actually came out. Uh, Instad has contributed a lot in its time, uh, we were the inventor of the smart wallet. We were the first user of flash user of flash loans. We've done a lot of work with Lego on composition money. Uh, a lot of people who were alive back then probably remember, and we were, uh, we were the first to use the cycle strategy.
So we implemented a cyclical looping strategy, which actually provides about 50%D5, now, uh about 50%D5, now, uh , it's, uh, a certain way that we invented back then, but it had, uh, some growth limitations. It acted as a middleware that seemed to build on top of other D5 protocols. It didn't have ownership of the protocols, and, uh, it had some tough times, uh, for example, we had a lot more innovations in mind, but we couldn't implement them because we didn't own the protocol layer. And that's when we started working on Fluid, uh, which is largely driven by algorithms and innovation. It was launched back in February 2024.
Uh, at the peak of the market, uh, our market size was 6.5 billion, and, uh, after the launch of fluid decks, we became, uh fluid decks, we became, uh , the second largest deck on Ethereum, uh, within 3 months of launch. Uh, yeah, what is fluid? Fluid is a D5 protocol that is not just a lending marketplace, but can be anything. This is a lending protocol.
This is already a repository. It's already a DEX, but repository. It's already a DEX, but , uh, that's all that finance can offer. So everything you can imagine in finance, uh, fluid, will be like this, uh, 5 10 5 10 years from now. So, yeah, uh, yeah, this is, uh, a graph, like Fluid was the fastest growing deck on Ethereum.
It reached 100 billion volumes in 326 days, and, uh in 326 days, and, uh , yeah, I mean, uh, there were no other decks in the ecosystem that did it as fast as Fluid. So Fluid still holds that record. Uh, and Fluid is also the most optimized money market. So, I mean, the total loan volume over total deposit volume on Fluid has always been the highest since the beginning. As you can see, uh beginning.
As you can see, uh , he never fell , he never fell . The reason for this is that it is a money market. It's also a DEX, and it's much more. So every dollar on Fluid works extra. Uh, you get more bang for your buck.
You can use it for more things, and, uh things, and, uh , yeah, it's just, uh , yeah, it's just, uh , yeah, your capital on fluid is just much more efficient than any other protocol in the industry. Hmm, yeah, so the main topic of conversation is how to scale tokenized assets, uh, on fluid, uh, liquidity utility distribution, uh. Trillions of dollars are appearing on the blockchain. We've already hit 200 billion in D5 TVL, uh, and yeah , I mean, all the institutions and everyone is getting involved. Many different RWS appear on the blockchain; some generate revenue, some are, some are different, uh, uh different, uh, uh , yeah, and thousands of stablecoins, all need liquidity.
Uh, yeah, uh, we've already seen, for example, eight years ago, uh, there was only one stablecoin, which was D, created by Maker DAO. And now there are a lot of stablecoins, a lot of strategies that involve stablecoins generating revenue, and yes, I mean, all of it is labeled as a stablecoin product to make it easier for end users to generate revenue. And so, how does Fluid help the asset issuer and why are we one of the most used protocols for those issuing assets? So, RWA onboarding or tokenization is not just about you getting the token to work on-chain, but you also need DEX liquidity, you also need to deal with liquidity providers, and then once you do that, you go to the onboarding protocol for integration. Hmm, yes, but Fluid is the only place where you can do all of this at once.
Um, since we have fluid decks, we also have liquidity as a service. So if you want us to provide liquidity to your decks, we do that too, and we have a lending protocol as well . So once you work with Fluid, you get all of that, all at the same time. Uh, yeah, so we already host a lot of protocols, their underlying defi, uh DEX liquidity. Uh, we 're their partial main partner, and they have the deepest pools on Fluid.
And as you can see, uh, yes, some of the protocols are here, but uh protocols are here, but uh , there are a few more, uh, yes. And uh, yeah, the reason why all the asset issuers are using Fluid is because it allows them very cheap and deep liquidity, uh, and for any asset to grow in DeFi. Uh, it's a very complex bottleneck , like whatever you spend, you're going to spend four to spend four to five times less on Fluid to get the same depth of liquidity as any liquidity as any other protocol. Uh, yes, uh, and since, uh, Fluid also provides liquidity as a service. So, uh, if someone wants to move their asset to the blockchain, uh, they want to provide liquidity on a DEX.
First, they create a pair on the DEX. They get real-time minting and redemption on- chain, and then they have to go to different LPs who charge a hefty fee to provide liquidity on the DEX, so we also launched this service for the asset issuer. So any asset issuer that needs liquidity needs liquidity can simply contact us for liquidity on the DEX, and then we provide them with, uh then we provide them with, uh , hundreds of millions of liquidity if needed. Hmm, yes, and they don't have to take on any counterparty risk. They don't need to take risks.
This is our protocol. We do LP according to our protocol to provide you with the minimum cost minimum cost . So yeah, it's...um, yeah, and like I said...um, Fluid is not just a lending marketplace.
This is already a lending market; this is already DEX; This is already a global product. But Fluid is the most advanced D5 protocol of all. Uh, it could be anything ...uh, in...uh, with...
uh...uh, and anything that finance has to offer, Fluid can accommodate. So, we're already putting a lot of things out there, but, uh, in the future, everything that finance has to offer will come out. We're already working on, uh, some new designs for credit markets, fixed rate and, and forex and rate and, and forex and , and, criminals. Uh, but yeah, over the next few years Fluid will be hosting all kinds of D5 protocols, and we aim to be the most efficient D5 protocol in, in, in the ecosystem.
So, yeah, uh , yeah, and what is Fluid for institutions? And for an asset issuer, as discussed, Fluid discussed, Fluid is the best place to launch your asset and then scale from there scale from there because you get everything at once. Uh, but what does Fluid provide if you are an institution? Uh, yeah, this is definitely a whole new financial system being built from scratch. It is still very small, but many institutions are moving to blockchain.
uh, and how can we and how do we help them develop in D5? Yes, Fluid is, uh, our team, one of the most advanced in D5. Uh, we innovated the most. Uh, and yeah, I mean we've launched a lot of different primitives like smart collateral, smart debt, our money market decks, and a lot of other things. So yeah, and what's our goal for institutions our goal for institutions , trading institutions that are coming to blockchain: they don't know much about DeFi.
Uh, it's not just about launching an asset, tokenizing it, but also understanding how the money market works, understanding how liquidation works, understanding how composability works, uh composability works, uh , and then there's the risk of the whole open infrastructure, the open financial system, and, uh, analyzing all of those risks and everything else. So, since we've been here since the beginning of DeFi, and it's been 8 years now, we've been through a lot of, uh, you know, uh, two, three bull markets, beer market crashes for some of the biggest, uh, companies, protocols in the industry. And so, uh, so we are the right person, or the right people, who can help them with anything they need related to D5. So yeah, that's one of the partnerships that we've had with Jupiter, uh, Jupiter Land on Solana, uh, which is running on Fluid. So we did all the development, we did all the core of the protocol, and Jupiter has the largest distribution on Solana.
Er, and er, yes, if you're a Solana user, you're probably using Jupiter in one way or another. And what, uh, we were, like I said, we're a team that's extremely good at both lending and D5 protocol. So we partnered with them, and Fluid is basically the Ethereum protocol. So in order to expand to another blockchain, uh, yeah, we partnered with Jupiter. So, we ask our partner to take care of everything you need on D5, that is, innovative technologies, any new individually selected solutions.
We ask them, do you have a distribution? Can you scale the protocol to hundreds of millions? And can you link us to the issuer of the assets of this particular chain? Yeah, I mean, if you're working with Trade Fire or another chain, Fluid can support your technology, uh, and so on and so forth, provided the growth potential is over 100 million. We also did another partnership with Ethereum Bitwise Jupiter, which also ran on Fluid, and it grew to half a billion within a week.
We also launched Venus Flux on the BNB chain. Venus is BNB chain. Venus is the largest money market on the BNB chain. We also entered into a partnership with them that provided Venus Flux powered by Fluid, which allowed them to leverage our technology, our capital productivity , our D5 protocol to launch a marketplace on the BNB chain. So, if you are an institution, then yes, you don't need to just issue an asset and then reach out to 10 different parties using fluid.
You can have your own lending protocol, which means you integrate your own asset, your own landing protocol, your own decks, your own users, and with Fluid Team you can also have any custom solutions. So if you want your users to be KYC ( users to be KYC ( know your customer), if you want your users to have permissions, if you want your users to have a fixed rate, a credit market or many more, we are in talks with many institutions and there will be many announcements coming out soon regarding this and these firms will grow not only with D5. In D5, they will be, ahem, like cryptocurrency, but centralized, and there will also be a very important background for integrating assets like commodities and other things. So yes, whatever you want, we will create, all based on fluid. Yes.
Thank you to everyone who joined me, and yes, that's it.
Automatic transcript — names and jargon may be misspelled.